Merrill Lynch Pierce Fenner & Smith, Inc. v. North European Oil Royalty Trust

HERRMANN, Chief Justice:

The determinative issue before the Court in this case is whether, before issuing replacement certificates for those lost, stolen or destroyed, a Delaware corporation may require brokerage houses to supply independent credible evidence that they are the beneficial owners of stock registered in their names. We hold with the Court of Chancery that such requirement may be made. Accordingly, we affirm.

I

In 1929, the North European Oil Corporation (hereinafter “the Corporation”) was established as a Delaware corporation for the purpose of oil exploration and development in…